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Stafford land values have dropped 23 percent from two years ago Date published: 2/17/2010
BY JONAS BEALS
A sharp drop in real estate values has reduced Stafford County's overall real estate tax base by 23 percent over the past two years, according to Stafford Commissioner of the Revenue Scott Mayausky.
His office assessed the average home value in Stafford at about $246,000 this year, down from approximately $327,000 in 2008--the last time property was assessed by the county.
Mayausky said reassessments will be mailed to homeowners and businesses by the end of next week.
While some individual property owners may see no decline or even an increase in the value of their real estate, the average home value has fallen, along with most other property in this recession. Mayausky estimates that Stafford has seen a $4 billion drop in total real estate value since 2006.
"The numbers are still preliminary," Mayausky said of the reassessments, noting that property owners can appeal their reassessment to his office if they disagree with the county's value. Those appeals should be settled by the end of March.
Reassessments do not, in themselves, dictate what a property owner's tax bill will be. Real estate is taxed per $100 of assessed value, according to a rate set each year by the Board of Supervisors. Supervisors typically set the rate at a level that will bring in enough revenue to cover the county's expenses.
"The purpose of a reassessment is to figure out what portion of that revenue residents should pay," Mayausky said.
To bring in the same amount of revenue year-to-year, Virginia localities will often set an "effective tax rate." According to Mayausky, doing so would raise the current tax rate from $.84 to $1.15 per
Supervisors are not scheduled to set the real estate tax rate until April or May, but will consider both rates presented by Mayausky. If they leave the current tax rate unchanged, the county would face a revenue shortfall of about $40 million, barring any cuts in spending.
Not every supervisor supports the idea of an equalized or effective tax rate.
"The average homeowner is not being fairly represented in terms of what they pay in taxes," Supervisor Bob Woodson said. "The typical homeowner should see some relief in the taxes they pay."
He said that taxpayers should pay less if their property values decrease, but lower taxes could affect the revenue needed for county services like schools and the fire department.
"To reduce revenue on real estate by 23 percent would set this county back 25 years in terms of the services we provide," Supervisor Mark Dudenhefer said. Jonas Beals: 540/368-5036
Every home owner is reducing what they spend just to survie these days, so guess what Stafford County Gov't do the same. Don't pass it on to us, we can't afford it, some jobs may need not be filled once they become vacant when some one retires or quits. Quit wasting our money on things the county does not need.
it was Harry Homeowner and Sally Seller playing the same price gouging game. And Stafford played the same game. Now, like all other localities, cutbacks and careful budgeting are necessary. Land in Stafford was not the same price as in KG. Proffers are higher in Stafford. And playing the game closer in held higher stakes. Now with the poker hand lost, it's time to ante up.
Another example, a 5K sq ft house just outside of Cincy will run you $230K on a quarter acre lot in a golf community. House half that size just outside of Columbus in a golf community with a quarter acre lot will run you $500K. I built mine for $176K minus the lot at $80K for a total of $256K. It appraised for $335K but I could sell it for $350+ if I were a developer. In fact the house in front of me is smaller and less land but it sold for $450K. Gouging, not demand and the developers know they can get it.
Ok, so the Dems created this mess, and now are going to turn everything around and blame the Republicans who inherited their mistakes. Make no mistake, this is Schultz's legacy. Stop builidng schools, that aught to save some. But remember we have had one of the lowest tax bases for quite a while. So pony up or MOVE. Take your whining and sell your crazy somewhere else. We are full up here.
and the not so good ole days have been around for a while. The county grew way too fast and now we are all going to pay for it. And heck, I didn't even get a McMansion out of the deal! :-D
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